TOKYO (Standard&Poor's) April 10, 2009--Standard&Poor's Ratings Services today placed its 'A+' financial strength and counterparty credit ratings on ING Life Insurance Co. Ltd. (ING Life Japan) on CreditWatch with negative implications. The CreditWatch placement follows ING Groep N.V.'s (A+/Negative/A-1) announcement on April 9, 2009, that its life insurance activities in Japan are under review, and reflects growing uncertainties about ING Life Japan's strategic status within the ING Group. The ratings on ING Life Japan reflect Standard&Poor's view that it is a strategically important subsidiary of the ING Group. If the review results in ING Life Japan's strategic importance to the group diminishing, the difference between the ratings on ING Life Japan and the ratings
